The collaboration between Telegram and The Open Network (TON) blockchain, along with the introduction of the Toncoin token, has attracted the attention of scammers who are exploiting unsuspecting tokenholders through a fraudulent referral pyramid scheme.

Cybersecurity firm Kaspersky has uncovered a cryptocurrency scam targeting Telegram users worldwide, particularly those interested in the TON blockchain and Toncoin. The scam, active since at least November 2023, entices victims with promises of participation in an "exclusive earning program" through an elaborate referral scheme.

The scam operates by luring potential targets with links shared by friends or contacts, inviting them to join an unofficial Telegram bot allegedly designed to store cryptocurrency. Victims are instructed to link their Web3 wallet to the bot's system and purchase Toncoin through legitimate channels to add credibility to the scheme.

Once users have acquired Toncoin, they are coerced into purchasing "boosters" through a separate bot, with prices ranging from 5 to 500 Toncoins. However, after purchasing these boosters, users lose control of their cryptocurrency, resulting in financial losses ranging from $2 to $2,700.

In addition to the booster purchases, scammers promote a referral program requiring victims to create private Telegram groups and invite friends and contacts. Victims are promised earnings through fixed payments for each invited friend and commissions based on their referrals' booster purchases.

Unfortunately, the scheme operates as a classic pyramid scheme, with victims losing their investments while only benefiting the scammers. Kaspersky's analysts emphasize the fraudulent nature of the scheme, warning users to remain vigilant and avoid participating in such schemes.

Further details regarding the extent of the scam's impact and the total funds lost are being investigated by Kaspersky. As more information becomes available, this article will be updated accordingly.